The single European currency declined about 100 pips or 0.99% against the Japanese Yen on Monday. The currency pair tested the lower boundary of a descending channel pattern at 122.50 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower line of the channel pattern could occur.
However, if the descending channel pattern holds, bulls could attempt to push the currency exchange rate towards the 100– hour simple moving average at 123.76 within this se
